Mining Market in Mexico to grow by USD 3.86 billion between 2024-2028
According to a research report “ Mining Market in Mexico” by Type (Precious metals, Non-ferrous, Non-metallic, Others) Service (Companies, Independent contractors) Sector (Surface mining, Underground mining, Placer mining, In-situ mining) Geography (North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3.86 billion at a CAGR of 3.21% during the forecast period. In Mexico, the mining sector significantly contributes to the economy and regulates the global supply of metals and minerals. With the execution of major infrastructure projects, Mexico has emerged as a dominant player in the mining industry. The escalating demand for minerals and metals necessitates mining companies to invest in exploration activities to discover new deposits. Advanced exploration technologies, such as geospatial mapping, satellite imagery, 3D modeling, and data analytics, have revolutionized the mining market in Mexico by enhancing exploration accuracy and efficiency..
Browse market data tables, figures, and in-depth TOC on “Mining Market in Mexico” by Type (Precious metals, Non-ferrous, Non-metallic, Others) Service (Companies, Independent contractors) Sector (Surface mining, Underground mining, Placer mining, In-situ mining) Geography (North America) Global Forecast to 2028.
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By Type, the Precious metals segment is projected to dominate the market size in 2024.
In Mexico's mining market, companies engage in the extraction, management, and processing of solid minerals and metals from the earth's surface. Valuable commodities such as coal, diamonds, gold, silver, lead, and zinc are obtained through mining activities. Notable players include Fortuna Silver Mines, operating mid-tier gold, silver, lead, and zinc mines, and Altos Hornos de Mexico Sde CV (AHMSA), managing both underground and open pit mines using advanced technologies like predictive control software, connected mining solutions, and automation software at its Mimosa Unit Project.
By Service, Companies segment is expected to hold the largest market size for the year 2024.
Mexico's mining sector holds significant value due to its status as a leading global producer of precious metals, particularly silver and gold. The geologically rich terrain, marked by high tectonic activity and complex mountain ranges such as Sierra Madre Oriental, Sierra Madre Occidental, and Sierra Madre del Sur, fosters a favorable environment for mining operations. The increasing demand for platinum, gold, and other precious metals is projected to drive market growth in Mexico during the forecast period.
North America is forecasted to hold the largest market size by region in 2024.
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The Mining Market in Mexico growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the mining market of Mexico, various mining companies such as Fresnillo, Peabody Energy, Newmont Mining, Freeport McMoran, Yakutugol, and Vorkutaugol, among others, are actively engaged in the production of precious metals like gold and silver. The mining operations involve the use of advanced technologies like intelligent sensors, drones, autonomous vehicles, and drilling systems for efficient and safe extraction. Mining companies in Mexico also employ long-term supply contracts, forward sales, call options, and futures contracts to manage their risks and secure their revenue streams. The mining sector in Mexico is a significant contributor to the country's economy, producing not only precious metals but also nonmetallic minerals like silica. Mining companies in Mexico are adhering to social distancing norms to ensure the safety of their workforce during the ongoing pandemic. The mining sector's productivity is influenced by various factors, including metal prices, wastage, and the availability of equipment like Scooptram loaders, Minetruck haulers, and drilling rigs. Moreover, the mining industry in Mexico is exploring the potential of renewable energy sources like Solar energy to reduce its carbon footprint. Companies like Teck Resources and Nutrien (NTR) are leading the way in this regard. The mining sector's automation and electrical-electronic systems are also undergoing significant upgrades to enhance productivity and reduce costs. Southern Copper and other mining companies are investing in advanced drilling systems and automated tunnel drilling to improve their mining efficiency.
Market Research Overview
The mining market in Mexico encompasses a diverse range of minerals and metals, including precious metals, Solar energy components such as Copper and Silver, and industrial minerals like Gypsum, Boron, Feldspar, and Industrial sand. Key players in this sector include Teck Resources and Nutrien (NTR), focusing on Metal Mining and the production of Zinc, Lead, Nickel, and Copper. Southern Copper, Peabody Energy, Newmont Mining, and other prominent entities are engaged in the extraction of Metal ore, Coal, and Anthracite. Additionally, Mexico is a significant producer of non-metallic minerals such as Gypsum, Talc, and Asbestos, as well as Sulfur, Magnesite, Salt, and other minerals like Graphite and Sulfur. The Mexican mining industry is witnessing automation and electrification trends, with the integration of Automated Tunnel Drilling and advanced Electrical and Electronic systems to enhance productivity and efficiency.
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